The Independent National Electoral Commission (INEC) proclaimed Tinubu, a former governor of Lagos State, the victor of the February 2023 presidential election.
On May 29, 2023, Tinubu took the oath of office and became President of Nigeria.
Many Nigerians have disapproved of some of the economic plans the country’s leader has announced since taking office.
But in a series of posts on Thursday on his official X handle, Akume pointed out that the current administration had made noticeable strides in less than two years.
He claimed that under President Tinubu, initiatives for economic change started to pay off.
He pointed out that the subnational governments are now receiving the funds saved from the elimination of the Fuel Subsidy for grassroots development.
In order to ensure long-term agriculture and food security, Akume insisted that the Tinubu administration is making progress with structural reforms, especially in the agricultural sector.
He asserts that doing this will increase the availability of food and reduce inflationary pressures, both of which will benefit all Nigerians.
The SGF’s 12 Nuggets of Progress are listed below.
“Our Renewed Hope Agenda is well underway, and 2025 has already gotten underway. Under President @OfficialABAT, we are witnessing observable progress in less than two years as our endeavors to bring about economic reform start to pay off.
1. We’re working relentlessly to curb inflation and restore credibility to our monetary framework. By transforming the foreign exchange regime, we’re moving from an opaque system of preferential allocations to a more transparent, efficient market mechanism
2. Fuel Subsidy is now a thing of the past. The benefits of deregulation are becoming clearer as the new petrol marketing regime, based on market forces, strengthens the economy. Money saved is now redirected to the subnational governments for grassroots development.
3. We are making strides with structural reforms, particularly in agriculture, in order to sustain long-term agriculture and food security. This will boost food supply and ease inflationary pressures, which will, in turn, benefit all Nigerians.
4. Our role in Mission 300, the World Bank initiative aimed at providing electricity access to 300 million people, cannot be overstated. Power infrastructure is key for economic growth & industrial expansion and we are poised to electrify all of Nigeria before we leave office.
5. Our focus on fostering a business-friendly environment, has never been in doubt. We are attracting sustainable investments, and driving private sector-led growth for a stronger economy while improving our Ease Of Doing Business Index.
6. We have implemented fiscal governance reforms, like automating the process of Import Duty Exemption Certificates (IDEC), strengthened our trade and taffiff organs, while also harmonizing tax laws in a bill presently before the National Assembly for consideration.”
On the widely debated Tax Reform Bills, Akume wrote:
“7. This proposed tax reform bill, proposes exempting food, medicine, and essentials from VAT, and aims to reduce costs for households. This would benefit 82% of Nigerians, while only 18% of goods would see price hikes, making this bill a win win for all.
8- In the manufacturing sector, we’re working closely with entrepreneurs and propelling MSME growth to reposition the economy. We launched the FGN Loan Scheme for MSMEs and Manufacturing Enterprises last year, providing much-needed financial support to our entrepreneurs.
9. The Casual Jobs Scheme, launched for job creation within 10 SME clusters (such as fashion, beauty, and artisanry), focuses on empowering the informal sector and creating sustainable employment for this critical segment of society.
10. We have restructured and streamlined our social intervention programs, making them more efficient and prudent, instituting a new management that will drive the various schemes going forward. Monies have also been released so the suspended programs can resume.
11- While security challenges persist, we’ve increased military spending, prioritized police reforms, while we have made significant progress in the fight against insurgency, leveraging the collaborative efforts of the Military and sister agencies.
12. Our Internal Affairs/immigration efforts are also been widely applauded. We launched a Technology Innovation Complex- a data center complete with Visa and Passport Processing, to streamline immigration, enhance security, and attract investors to Nigeria.”
Akume added that numerous additional programs are currently being implemented across different sectors, with even more set to be introduced.
Among these is the forthcoming unemployment benefits scheme, which President Tinubu is expected to launch soon to support millions of unemployed youth in the nation.
The SGF said President Tinubu has pledged significant economic reforms, and he is actively translating these promises into concrete strategies aimed at fostering enduring change for the populace. It is essential to support President Tinubu to ensure the success of the Renewed Hope Agenda.
